Global Electric Cargo Bike Market Size Worth $1 Bn in 2021, Projected to Reach $2.14 Bn at a CAGR of 11.9% by 2032

The electric cargo bike market is a sector within the transportation and mobility industry that focuses on the production and supply of cargo bikes powered by electric motors. Electric cargo bikes are bicycles specifically designed to carry heavy loads and provide efficient and sustainable transportation solutions for goods and cargo in urban areas. The electric cargo bike market has experienced significant growth in recent years due to increasing urbanization, environmental concerns, and the need for sustainable last-mile delivery solutions.

Persistence Market Research (PMR) has forecasted the global electric cargo bike market to surge ahead at a CAGR of 11.9% and reach a market value of US$ 2.14 Bn by the end of 2032. Sales of electric cargo bikes accounted for 66.2% share of the global cargo bike market at the end of 2021.

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One of the primary factors driving the growth of the electric cargo bike market is the increasing urbanization and congestion in cities. As cities become more crowded and traffic congestion worsens, there is a growing need for alternative transportation solutions. Electric cargo bikes offer a practical and efficient means of transporting goods in urban environments, especially for short distances. They can maneuver through traffic, access narrow streets, and bypass traffic restrictions, providing a faster and more flexible delivery option compared to traditional delivery vehicles.

Companies

Jiangsu Xinri E-Vehicle Co. Ltd.
Jinhua Jobo Technology Co., Ltd.
CERO ELECTRIC CARGO BIKES
Worksman Cycles
DOUZE Factory SAS
XYZ CARGO
Butchers & Bicycles ApS
NIHOLA
Babboe

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Environmental concerns and the push for sustainable transportation have also contributed to the growth of the electric cargo bike market. Electric cargo bikes are emission-free and have a significantly lower carbon footprint compared to conventional delivery vehicles. They help reduce air pollution, noise pollution, and greenhouse gas emissions, making them an attractive option for companies and governments seeking sustainable transport solutions. The shift towards electric cargo bikes aligns with the broader goal of reducing dependence on fossil fuels and mitigating the impact of transportation on climate change.

Furthermore, the rise of e-commerce and online shopping has increased the demand for efficient last-mile delivery solutions. Electric cargo bikes are well-suited for this purpose as they can navigate densely populated areas and deliver packages directly to customers' doorsteps. Many logistics companies, delivery service providers, and e-commerce platforms have recognized the potential of electric cargo bikes to optimize their last-mile delivery operations and improve customer satisfaction.

Government support and incentives have also played a role in the growth of the electric cargo bike market. Many cities and governments around the world have introduced policies and initiatives to promote sustainable transportation and reduce traffic congestion. This includes providing financial incentives, subsidies, and infrastructure support for the adoption of electric cargo bikes. These measures encourage businesses and individuals to switch to electric cargo bikes and contribute to the market growth.

What Opportunities Await Electric Cargo Bike Manufacturers?

Demand growth for electric cargo bikes worldwide is dependent on the availability of quick and reliable charging stations. This is due to the higher flexibility of conventional vehicles when it comes to refueling. A conventional vehicle takes a few minutes to refuel completely, while a hybrid or an electric cargo bike, on average, takes more than a couple of hours to recharge the batteries for the same driving range. This charging time can now be minimized and brought to under one hour if a direct current is provided to recharge the batteries. Most charging stations for electric vehicles in the present scenario provide alternating current sourced directly from the overhead grid line network.

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Electric Cargo Bike Industry Survey by Category

By Product Type:

Two-wheeled Bikes
Three-wheeled Bikes
Four-wheeled Bikes

By Battery Type:

Lead-based
Nickel-based
Lithium-ion

By End Use:

Courier & Parcel Service Providers
Large Retail Suppliers
Personal Transportation
Service Delivery
Waste, Municipal Services

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

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This release was published on openPR.